Power Grid Q1 PAT up 23% at Rs 870 cr

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State-owned central transmission utility Power Grid Corporation of India (PGCIL) has reported strong numbers on topline and margins, but it missed estimates on bottomline front due to fall in other income and rising interest cost during the quarter ended June 2012.

Power Grid Q1 PAT up 23% at Rs 870 cr

State-owned central transmission utility Power Grid Corporation of India (PGCIL) has reported strong numbers on topline and margins, but it missed estimates on bottomline front due to fall in other income and rising interest cost during the quarter ended June 2012.

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Power Grid Q1 PAT up 23% at Rs 870 cr

State-owned central transmission utility Power Grid Corporation of India (PGCIL) has reported strong numbers on topline and margins, but it missed estimates on bottomline front due to fall in other income and rising interest cost during the quarter ended June 2012.

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State-owned central transmission utility Power Grid Corporation of India (PGCIL) has reported strong numbers on topline and margins, but it missed estimates on bottomline front due to fall in other income and rising interest cost during the quarter ended June 2012.

PGCIL's PAT rose by 23% year-on-year to Rs 870 crore while analysts on an average had expected it around Rs 976 crore.

Company's other income was down by 36% to Rs 92 crore from Rs 143 crore while interest costs increased 37% to Rs 610 crore from Rs 445 crore during the same period.

The forex loss during the quarter was at Rs 36 crore as against gain of Rs 4.2 crore in the quarter ended March 2012.

However, operating profit margin expanded by 150 basis points YoY to 85.3% and total income shot up by 31% to Rs 2,888 crore in the April-June quarter of 2012.

Analysts had expected total income at Rs 3,080 crore and operating profit margin at 83.9%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 34% to Rs 2,465 crore, which was lower than expectations of Rs 2,584 crore.

Company said its transmission income was expanded by 32% YoY to Rs 2,774 crore.

PGCIL seemed very positive on capitalization plans. Capitalization increased more than five times to Rs 4,100 crore as against Rs 800 crore in a year ago period.

Capex for the quarter ended June 2012 stood at Rs 3,000 crore, which was higher by 50% compared to corresponding quarter of last fiscal.

The management said improvement was seen across transmission, project approval, execution etc.

The company has awarded projects worth Rs 6,000 crore during the quarter, which was quite high compared to Rs 330 crore in a year ago period.